BRICS pushes local-currency trade, faster cross-border payments
- BRICS finance ministers and central bank governors met in Mumbai and backed greater local-currency use.
- The BRICS Payment Task Force is studying faster, cheaper and more secure cross-border payment systems.
- The group clarified that no common BRICS currency or single bloc-wide payment network announced.
- Ministers warned that tariffs and protectionism disproportionately hurt emerging and developing economies.
Source: ndtvprofit.com
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